VMS Invested Company Zhangmen Education Closed Up 47.74% on Trading Debut in NYSE

2021-06-10 Company Announcement

We are pleased to announce that Zhangmen Education Inc. (“Zhangmen” or the “Company”, NYSE:ZME), a VMS invested company, has successfully completed its listing on the New York Stock Exchange on June 8, 2021. Its share price soared 47.74% from its listing price of US$11.50 per ADS to close at US$16.99 per ADS with a market capitalization of US$2.679bn. It received an overwhelming market response and rose over 78.43% to hit an intraday high of US$20.52 per ADS. Morgan Stanley and Credit Suisse are the joint bookrunners and representatives of the underwriters for the offering. The proceeds from the listing will be used for the Company’s product development and general corporate expansion initiatives.

Founded in 2014, Zhangmen is a leading online education company in China focused on providing personalized online educational courses to K-12 students. Its core business offerings encompass one-on-one and small-class after-school tutoring services, covering all core K-12 academic subjects with an established portfolio of well-recognized online education brands including Zhangmen one-on-one, Zhangmen Small Class, Zhangmen Kids and Xiaoli.

Vanessa Lee, Managing Director & Head of TMT and Consumer of VMS Group’s Private Equity Division, commented that “We congratulate Zhangmen on its successful listing. The Company upholds its original education mission and strives to provide users with high-quality education services. We believe that under the new policy environment, Zhangmen can continue to demonstrate its social value and become a valuable compliment to in-school education”.

VMS participated in Zhangmen’s series E round of financing in November 2018. We are committed to supporting differentiated companies to infuse technological innovation in traditional industries like education. We also endeavor to maximize returns for our investors.